4. Skill in handling or using something: the skillful handling or use of something such as resources

This definition stress on the following functions: organization, running, administration, supervision, managing, controlling.

However these functions required different levels of structures like: Directors, managers, executives, employers, board, bossesThis definition covers the whole function of management however it ignores to show the importance of human from inspiration side ----------------------------------------------------------------------------------------------------------- Definition of Management by functions:

Financial & Investment Dictionary:
ManagementCombined fields of policy and administration and the people who provide the decisions and supervision necessary to implement the owners' business objectives and achieve stability and growth. The administration of policies is carried out by the Chief Executive Officer, his or her immediate staff, and everybody else who possesses authority delegated by people with supervisory responsibility. Thus the size of management can range from one person in a small organization to multilayered management hierarchies in large, complex organizations. The top members of management, called senior management, report to the owners of a firm; in large corporations, the Chairman of the Board the President. The application of scientific principles to decision-making is called management science.

Marketing Dictionary:
Management1. Collective administrative heads of a company, institution, business, etc., who are responsible for conducting the affairs of the company (institution, business, etc.) for meeting its short-range and long-range objectives, and for maintaining it as a profit-making organization and/or an ongoing enterprise. 2. Leading or supervising of an organization, business operation, or the like. 3. Wise use of means to accomplish a purpose.

Business Encyclopedia:
Management
The role of a manager is comprehensive and often very complex. Not everyone wants to be a manager, nor should everyone consider being a manager. A Definition of ManagementSome would define management as an art, while others would define it as a science. Whether management is an art or a science isn't what is most important. Management is a process that is used to accomplish organizational goals; that is, a process that is used to achieve what an organization wants to achieve. An organization could be a business, a school, a city, a group of volunteers, or any governmental entity. Managers are the people to whom this management task is assigned, and it is generally thought that they achieve the desired goals through the key functions of (1) planning, (2) organizing, (3) directing, and (4) controlling. Some would include leading as a managing function, but for the purposes of this discussion, leading is included as a part of directing. Planning: Planning in any organization occurs in different ways and at all levels. The plant manager must be concerned with the overall operations of the plant, while the assembly-line manager or supervisor is only responsible for the line that he or she oversees. Planning could include setting organizational goals. This is usually done by higher-level managers in an organization. As a part of the planning process, the manager then develops strategies for achieving the goals of the organization. In order to implement the strategies, resources will be needed and must be acquired. The planners must also then determine the standards, or levels of...

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Frederick W. Taylor: Master of Scientific Management
Frederick Winslow Taylor (20 March 1856–21 March 1915), widely known as F. W. Taylor, was an American mechanical engineer who sought to improve industrial efficiency. Taylor is regarded as the father of scientific management, and was one of the first management consultants [1]. He was one of the intellectual leaders of the Efficiency Movement and his ideas, broadly conceived, were highly influential in the Progressive Era.
Taylor believed that the industrial management of his day was amateurish, that management could be formulated as an academic discipline, and that the best results would come from the partnership between a trained and qualified management and a cooperative and innovative workforce. Each side needed the other, and there was no need for trade unions.
The main elements of the Scientific Management are [1] : "Time studies Functional or specialized supervision Standardization of tools and implements Standardization of work methods Separate Planning function Management by exception principle The use of "slide-rules and similar time-saving devices" Instruction cards for workmen Task allocation and large bonus for successful performance The use of the 'differential rate' Mnemonic systems for classifying products and implements A routing system A modern costing system etc. etc.
Taylor's scientific management consisted of four principles:
1. The development of a true science
2. The scientific...

...Organizational Culture: Understanding Definitions & Typologies
Understanding organizational culture offers employees insight for possibilities
in an organization whether they are short term or long term members.
The phrase, organizational culture gained prominence in the 1980s when Japan’s manufacturing successes became legendary. Those successes gave credence to organizational behavior and U.S. companies paid attention. Culture in the workplace captured the imagination and competition forced corporations to include the concept into their operations.
Definitions
Using the idea of culture, management authors, Edgar H. Schein, Gareth Morgan, and Charles Handy proffered that organizational culture is the way in which a group of employees behave. The authors’ definitions were similar. They each emphasized that the term reflected a group’s unique way of getting things done.
Schein, author of Organizational culture and leadership defined organizational culture as the natural artifacts, espoused values and basic assumptions by which organizations function. He indicated that new recruits become members when they are indoctrinated with the organization’s ideas of how to behave.
Gareth Morgan, the author of Images of organizations suggested that organizational culture is the beliefs, values, and norms, together with symbols, events and personalities unique to a group’s behaviors. Morgan described norms as traditions, structure of authority, or routines. He stated that the...

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Functions of Management Paper
Carlos Mendoza
MGT/330
Functions of Management Paper
Management is a strong title to have when running an operation that requires a lot of responsibilities from a certain group or individual. Every organization, regardless of size, has developed and implemented its own management concepts in order for it to run smoothly and accomplish the vision, goals and objectives that it set forth (Rane 2007). Management can be defined as human actions to assist the production of suitable outcomes from multiple resources or systems that can better the company. There are four basic functions of management that helps the organization run smoothly so that there is no miscommunication between management and employers.
Planning
Planning is the core area of all the functions of management. It is the foundation upon which the other three areas should be built by. Planning requires management to evaluate where the company is currently, and where it would like to be in the future. An appropriate course of action to attain the company's goals and objectives is determined and implemented. The planning process is ongoing and never stops for any reason. There are uncontrollable, external factors that constantly affect a company both positively and negatively. Depending on the circumstances, certain factors may cause a company to adjust its course of action in accomplishing its goals. It is important that management determine the...

...of management styles have been proven effective as well as efficient and both are a great importance in skills for managers to run an organization. Both strategies of management have their differences yet they both have their similarities and have proven an importance to a way to manage others in a work place. Though there are many different ways to manage a workplace, in my opinion Behavioral and Strategic Management are both great ways to control and manage an actual organization.
Bibliography:
Aheles, A. (2011, December 18). Route to bankruptcy: Uncontrollable market forces hurt american, but so did its actions. Retrieved from http://www.star-telegram.com/2011/12/16/3601197/american-airlines-bankruptcy.html
Lewis, P. (2007). Managment challengers for tommorrow's leaders. (5e ed., pp. 39-42 ,90-92). Mason, Ohio: Tomson South-Western....

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The McDonalds Corporation is the largest hamburger fast food chain in the world. It serves around 68 million customers daily in 119 countries. The company’s headquarters is in USA. The company has expanded its business across the globe through franchisee and affiliations and company owned outlets. McDonald’s revenue is not just from sales of the fast food but also royalties and rents i.e the company has many sources of other incomes as well. The company very well understands the changing customers need and accordingly alters its menu. To enter the Indian market McDonalds completely changed its menu to suit the Indian taste buds and has been very successful.
The company follows a low cost leadership strategy and thus is able to deliver a low cost happy meal. The company provides good quality fast food at very low prices that competitors find it very difficult to match. The company is able to deliver its products at low prices because firstly they have vertical integration for few of its raw materials plus they buy other ingredients in bulk which lets them take the advantage of economies of scale , secondly they employee people with just basic educational qualification as mostly everything is machine operated the art of cooking is not needed. Thus the employees cost is also low. McDonalds also has its own institute called the Hamburger institute where it trains employees. Since the employees are trained especially for the company operations...

...Name: Sara Kh. Mohamed
Date: 19.Feb.13
Finalcial Management Control
Asignment 1
Vodafone Ratio Analysis
What 's the concept of Ratio?
involves methods of calculating and interpreting financial ratios to analyze & monitor the firm’s performance
Liquidity Ratios
The liquidity of a firm is measured by its ability to satisfy its short-term obligations as they come due.
Current Ratio
A measure of liquidity calculated by dividing the firm’s current assets by its current liabilities.
Generally, the higher the current ratio, the more liquid the firm is considered to be.
Current ratio
=
Total current assets
Total current liabilities
1968
3877
=
1
2006
better than 2005
= 0.49
1304
2005
2672
A current ratio of 2.0 is occasionally cited as acceptable, but a value’s acceptability depends on the industry
in which the firm operates & for vodafone it is not quite acceptable cuz it should have high liquidity rate due
to everyday high traffic of transactions…
Quick Ratio (Acide-Test) Ratio
Quick Ratio =
1923 =
3877
0.50
2006
1280 =
2672
Current Assets - Inventory
Current Liabilities
0.48
2005
A quick ratio of 1.0 or greater is occasionally recommended, but as with the current ratio, what value is acceptable
depends largely on the industry, So For VODAFONE it is not a quite perfect quick ratio neither on 2005 nor on 2006 due to
the high traffic transactions of everyday they should have a higher liquidity ratio....